In a report published Thursday, Keefe, Bruyette & Woods analyst Catherine Mealor downgraded the rating on Trustmark Corp (NASDAQ: TRMK) from Market Perform to Underperform, and lowered the price target from $24.00 to $22.00.

In the report, Keefe, Bruyette & Woods noted, “The higher EPS was mostly driven by higher acquired recoveries and OREO gains, which are not sustainable, in our opinion, putting the 3Q run rate closer to $0.39. True, improved growth in loans and fees and stable expenses were positives this quarter; however, a lower core NIM is bringing our estimates down to $1.61 in 2015 and $1.63 in 2016, which puts TRMK shares at 2x multiple premium to peers on '16. Lowering PT and downgrading to UP.”